Fundamental concepts of f/s audit Materiality misstatement of accounting information. is a matter of professional judgment Audit risk The auditor expresses an inappropriate audit opinion when the financial statements are materially misstated‚ Evidence (more than “per discussion with client) Major phrases of audit: Client acceptance/continuance; Preliminary engagement activities; Establish materiality and assess risks; Plan the audit ;Consider and audit internal control; Audit business processes and
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Q1 - What is the relationship between the risk assessment process and the collection of audit evidence? The risk assessment process happens at the very beginning of the engagement and is to determine the level of risk present in the company. The risk assessment phase is when the auditor assess the client’s situation‚ conducts an independence threat analysis and decides whether to accept the client or not. The risk assessment is influenced by various factors such as the degree to which external
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The Demand for Audit and Other Assurance Services O ssu a S s Chapter 1 ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-1 SarbanesSarbanes-Oxley Act Enron WorldCom The Act established the Public Company Accounting Oversight Board. It also requires auditors to report on the effectiveness of internal control over financial reporting. ©2012 Prentice Hall Business Publishing‚ Auditing 14/e‚ Arens/Elder/Beasley Arens/Elder/Beasley 1-2
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456 Chapter Eleven Appendix 11B Illustrative Audit Case: Keystone Computers & Networks‚ Inc. Part III: Substantive Tests—Accounts Receivable and Revenue This part of the audit case illustrates the manner in which the auditors design substantive tests of balances. The substantive tests are illustrated for two accounts—receivables and revenue. This aspect of the audit is illustrated with the following audit documentation: • ABC’s risk assessment working paper that combines the auditors’ assessments
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Course Paper - Supply and Demand If the price for PepsiCo brands increase so does the supply. This is because as the price increases‚ PepsiCo has an incentive to supply more to meet the demand. This creates a positive supply curve. If PepsiCo competitors can produce their products for less and sell them for less money‚ than consumers will start to purchase competitor products as substitutions (Case‚ Fair‚ & Oster‚ 2009). The demand for PepsiCo brands is the price in which consumers are willing
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theft. D. Expected effectiveness of controls. 13. The risk that an auditor’s procedures will lead to the conclusion that a material misstatement does not exist in an account balance when‚ in fact‚ such misstatement does exist is referred to as A. Audit risk B. Inherent risk C. Control risk D. Detection risk 14. Evidential matter concerning proper segregation of duties ordinarily is best obtained by A. Preparation of a flowchart of duties performed by available personnel. B. Inquiring whether
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MGM 399 1:30-2:50 PepsiCo’s Restaurants PepsiCo started off being a passive company‚ but later took a more aggressive stance into acquiring key figures like Frito Lay‚ Pizza Hut‚ and KFC. The mastermind CEO Calloway orchestrated unique mindsets within each business‚ and also learned through experience (buying a bakery that failed). Calloway has a lot of success but now faces another important decision: Should he acquire Carts of Colorado? I believe this decision does have some issues and
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There are people in this world‚ some of them so wonderful‚ that made this dream become a project. I would like to thank all of them‚ and in particular: Especially‚ MR.Arvind Rathore Franchise manager - who trained us about products and services of PEPSICO and taught us how to deal with customer‚ All the TDM ‚ CE and Sachin‚Umer‚ Deepti ( Coordinator) – whose off time discussions with me always encouraged and motivated me for the project‚ he was the one who helped me in understanding the market in
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A will discuss and analyze the origin and subsequent evolution of personal and the PepsiCo organization workplace values; explain how individual values drive actions and behaviors. Team A will analyze the alignment between values‚ actions‚ behaviors‚ and analyze the degree of alignment between PepsiCo’s stated values‚ personal‚ and the organization’s plans and actions. Personal & Workplace Values PepsiCo original mission statement is to be the world’s premier consumer product’s organization
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A Case study On PepsiCo Burma connection Executive summary: The case mentions about how PepsiCo had to withdraw all its assets from Burma despite the fact that they were doing very well in this country. In July 1988‚ decline in economic conditions led to large-scale and bloody rioting in cities in Burma. In Sept 1988‚ the army under General U.Saw Maung replaced the Government with the State Law and Order Restoration Council (SLORC)‚ a group of military officers. In 1990‚ SLORC
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